Canada Emergency Business Account (CEBA)

The Canada Emergency Business Account (CEBA) provides interest-free loans up to $40,000 to small businesses and not-for-profits, to help cover their operating costs during a period where their revenues have been temporarily reduced.

Business owners are now able to apply for support from Northern Savings.

If you do not have online banking with Northern Savings, please contact us as soon as possible and we can get your business set up - as you must have online banking in order to apply for CEBA.

Program Highlights

  • Interest rate of 0% until December 31, 2022, with an interest rate of 5% thereafter;
  • No minimum monthly principal payments required until December 31, 2022;
  • Principal repayments can be made at any time;
  • If you repay 75% of the Principal amount on or prior to December 31, 2022 the remaining 25% of the Principal amount will be forgiven.

How to Apply

Business owners can access the CEBA application through our MemberDirect Online Banking and MemberDirect Small Business websites. To access the application follow these steps:

  • Log in to your online banking account
  • On the left hand side select "Account Services"
  • Click on "Canada Emergency Business Account (CEBA)"
  • Complete the required steps
  • Once submitted, an Northern Savings representative will process the application
  • If your application is approved, you will be contacted to sign the required documents


  • The person applying has the ability and authority to bind the organization;
  • The business is a Canadian registered business (not a holding company) operational on or before March 1, 2020;
  • The business paid between $20,000 and $1.5 million in total payroll in 2019;
  • The business has their Canada Revenue Agency Business (CRA) Number (15 digits), as reported at the top of your 2019 T4 Summary of Remuneration Paid (T4SUM), and can produce the document when requested upon audit by the Government of Canada;
  • The business reported employment income in Box 14 of your 2019 T4SUM;
  • The borrower on behalf of the business, agrees that the funds from this loan shall only be used by the Borrower to pay non-deferrable operating expenses such as payroll, rent, utilities, insurance, property tax and regularly scheduled debt service, and may not use loan proceeds to fund any payments or expenses such as prepayment/refinancing of existing indebtedness, payments of dividends, distributions and increases in management compensation;
  • Northern Savings must be the primary financial institution for the business and the operating account must have been opened prior to March 1, 2020;
  • The business must be a member in good standing, and must not have had any delinquencies (no arrears) for at least 90 days prior to March 1, 2020;
  • The business has not applied for the program through any other financial institution;
  • The borrower agrees to participate in post-funding surveys conducted by the Government of Canada or any of its agents.


I use my personal account for my business. Am I eligible? Expand/Collapse

Sole proprietors who use a personal account for their business are not eligible. You must have had a Business account prior to March 1, 2020. Please visit the Government of Canada’s COVID-19 Economic Response Plan to view other programs.

I have multiple businesses, can I apply for the CEBA for each business? Expand/Collapse

Yes, each business that meets the eligibility criteria may apply for CEBA.

My business requires the consent of more than one signatory. Does this affect the application process? Expand/Collapse

Please ensure that only the authorized signer of your Northern Savings Business account applies and that you only submit one application per business.

How long will it take for me to get the money after I have applied? Expand/Collapse

Once you have completed the application, your application will be assessed and money will be deposited in your account, likely within 2- 4 business days.

What will my loan payments be? Expand/Collapse

The loan is interest-free until December 31, 2022. Also, no principal repayments are required during this period unless you wish to repay $30,000, or 75% of the loan, to qualify for the $10,000 forgiveness feature.

If you choose to extend the loan beyond this date, an interest rate of 5% will apply during the extension period. We’ll provide you more information on interest payments during the extension period once the program is in place.

How is the loan distributed? Expand/Collapse

The loan will be deposited in your account after the loan is approved.

Do I have to be signed up for Online Banking to apply? Expand/Collapse

Yes, the application can only be done through our Online Banking platform. Signing up is fast and easy, and you will find that the features of Online Banking are very convenient. Contact your Business Account Manager to get set up > 

Contact our Business Account Managers

Haida Gwaii

Barry Pages

Prince Rupert

George Emes

Brandon Haldane


Paige Franco

Dave Pernarowski